Nigeria pushes 3mbpd oil output, 5% cut in production among nine priorities projects to lift economy

WorldStage Newsonline– The Federal Government of Nigeria has listed increasing crude oil production to 3 million b/d and reducing the cost of crude oil extraction by at least 5% among the  nine priority projects in the oil and gas sector to be achieved over Short, Medium and Long term periods as mandated by President Mohammadu Buhari.
Other projects are: Eradicate smuggling of PMS across the Nigerian boarders; Complete Gas Flare Commercialization Program; Aggressively promote passage of the Petroleum Industry Bill; Aggressively promote passage of Deep Offshore and Inland Basin Production Sharing Contract Amendment; increase domestic refining capacity; Create large number of well paying jobs; and Implement Strategy towards 100 million Nigerians out of poverty.
The Minister of State, Petroleum Resources, Chief Timipre Sylva who reiterated the determination of the government toward the realization of the projects said a monitoring team that shall monitor the implementation of the strategic priorities to deliver on the Ministry’s Mandate had been constituted and the report of the monitoring team shall feed into his quarterly briefing at the Federal Executive Council. 

The Minister made the pledge in his opening remarks at the 3rd quarter governance meeting with top management staff of the Ministry of Petroleum Resources and Chief Executive Officers of the Ministry’s Agencies held in Abuja, on Tuesday, 18th August, 2020.
He said the meeting,  intended to be held once every quarter was aimed at reviewing the various activities geared towards the attainment of the 9 Point Delivery Priorities identified for the oil and gas sector against the backdrop of the centrality of oil and gas to the Nigerian economy.
Chief Sylva noted that the desire to achieve the priority projects informed his decision to cascade the Presidential mandate to the CEOs of the Ministry’s agencies which resulted in the designing of the road map to facilitate the process.
In his address, the Permanent Secretary, Ministry of Petroleum Resources, Mr. Bitrus Bako Nabasu stressed that the quarterly governance meeting between the Minister of State, Petroleum Resources, the Permanent Secretary and CEOs of Agencies was conceived by the Minister as a forum where his policy direction as clearly enunciated in the delivery priorities will be discussed and the methodologies of achieving them are agreed upon and Performance Management evaluated.
In attendance at the meeting are the GMD, NNPC; Director, DPR; Executive Secretary, NCDMB; Executive Secretary, PEF; Executive Secretary, PPPRA; Executive Secretary, PTDF; Director General, NNRA and Principal, PTI.
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